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BoN Joins Global Coalition to Promote Climate Sustainable Economic Growth
By: Justicia Shipena The Bank of Namibia yesterday announced that it has been accepted into a coalition of central banks dedicated to promoting climate and environmental risk management in the financial industry. Governor Johannes !Gawaxab says the acceptance of BoN into the global Network for Greening the Financial System (NGFS) is a substantial […]
January Financial Strain: Cash Loans See Surge in Loan Applications
By: Justicia Shipena As the New Year unfolds and individuals set their resolutions for 2024, a familiar trend emerges – the Januworry rush to micro lenders, also known as cash loans. This annual phenomenon, marked by a surge in loan applications, sheds light on the financial challenges many face at the beginning of the year. […]
Treasury Bills Attracts More Than Double The Needed Funds
By: Nghiinomenwa-vali Erastus In a recent Treasury Bills auction conducted by the Bank of Namibia, the government found itself flooded with investor interest, receiving N$2.8 billion in offers when it sought only N$1.3 billion. This oversubscription left an additional N$1.8 billion in capital without immediate allocation, as revealed by the auction results. To meet […]
Over 8,000 Taxpayers at Risk of Missing Tax Refunds
By: Justicia Shipena Over 8,000 Namibian taxpayers face the possibility of not receiving their anticipated tax refunds due to missing bank account details in their profiles at the Namibia Revenue Agency (NamRA). NamRA recently announced its scheduled tax refund payments which will benefit 63,150 individual salaried persons and pensioners, set to begin today, 15 December […]
Banking Sector Assets Valued at N$174.6 Billion
By: Justicia Shipena The banking sector in Namibia witnessed a 1,5% increase in total assets value, reaching a staggering N$174,6 billion in the third quarter of 2023. This growth was primarily attributed to rises in cash and bank balances, short-term negotiable securities, and net loans and advances, according to the Bank of Namibia’s Macroprudential Oversight […]
Kelp Blue Pioneers Africa’s First Blue Bonds
By: Justicia Shipena Namibian kelp farmers, Kelp Blue, are set to become the first issuer of blue bonds in Namibia and Africa. The groundbreaking initiative was unveiled at the Namibian pavilion during COP28, marking a significant step towards financing investments in healthy oceans and blue economies aligned with Sustainable Development Goal 14 (SDG 14). Kelp […]
NSFAF Wants N$2.5 Billion to Fund Students in 2024
By: Hertha Ekandjo The Namibia Student Financial Assistance Fund (NSFAF) says it needs about N$2.5 billion to be able to support approximately 23,700 eligible applicants next year. This was revealed by NSFAF Chief Executive Officer Kennedy Kandume during the launch of the online application process this week. At the event, Kandume also highlighted successful initiatives, […]
Can I Borrow From My Pension?
By: Amos Kambonde The question of whether to borrow from one’s pension or not is one of the questions many members of pension funds ask regularly. Section 19(5) of the Pension Fund Act, 1956 (Act No. 24 of 1956) makes provision for members of pension funds to borrow either directly or against their pension fund […]
Youth Told to Prioritise Financial Literacy
By: Nghiinomenwa-vali Erastus As the economic landscape undergoes transformative changes locally, regionally, and continentally, the understanding of financial matters, encompassing risk, investment, allocation, and hedging, is becoming increasingly intricate. Amid these changes, Joachim van Schalkwyk, the Broker Distribution Manager at Old Mutual Namibia, said it is imperative to equip the upcoming generation with knowledge to […]
Plan Your Bonus To Last The Long Run
By: Samuel Linyondi In October, the Bank of Namibia (BoN) left the repo unchanged at 7.75%, the highest in the past 14 years. If a repo rate increases, borrowing becomes more expensive, and product and service prices increase for consumers. The repo rate is one of the monetary tools to either control inflation or stimulate […]